DEAKIN COLLEGE G) 0mm UNIVERSITY Week 6 ill-class practice exam questions QUESTION 1 This question has 1 part [11 marks = 22 minutes] David runs an optical store "D Only Opt", where he sells sunglasses and eyeglass frames, as well as providing a comprehensive eye health and vision exam. The business is a partnership between David and his brother, Daniel. Their price list and unit costs [if applicable} are shown below. Product and Service Price list [t Unit Cost IS! Eye health and vision exam 86.90 {GST Inclusive) Eyeglass frame 31.90 {GST Inclusive) 15.40 [GST Inclusive} Sunglasses 184.80 {GST Inclusive} 93.50 [GS'I' Inclusive) D Only Opt is registered for GST, and the foIIOwing transactions occurred during the last three {3) days of November 2019. 28 Purchased 35 frames on credit, 2(10 net 30-. the business can opt to either receive 2 % discount for payment to the supplier with 10 days or without any discount in 30 days. 28 Provided a total of 2,085.50 {GST Inclusive} of eye vision examination. Payment received in cash immediately after the examination. 28 The business sold 7 eyeglass frames and 3 sunglasses. Payment received in cash. 29 David accidentally use his business debit card to purchase a birthday cake for his friend. The cake cost 33 [GET Inclusive]. 29 Sold 15 sunglasses to his friend, George, for his wedding at the end of the year 2019. David had made a credit sale arrangement with George to allow George to pay the full amount on the 20'J1 of December 2019. 29 The business returned 4 faulty eyeglass frames purchased on the 28th of Navember 2019. 29 The business purchased some fresh fruits for staff consumption from Coles totalling 13.20. (Account: Miscellaneous Expense} 30 Received utilities bill for the month of November 2019 2,915 [GST Inclusive} and paid immediately. 30 Recorded the amount of office supplies consumed throughout the month of November. The business purchased 770 [GST Inclusive) of ofce supplies on the 4'\" of November. Opening balance of the Office Supplies account on 1 November 2019 was 550 {DR}, but only 120 of office supplies remained at the end of the month. 30 Recorded unpaid interest expense of 550